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Rupee slips to all time low of 50.50 vs U.S. dollar
By siliconindia
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Wednesday, 19 November 2008, 20:30 IST
Mumbai: A sharp fall in Asian share prices has raised worries of foreigners cutting local equity holdings and repatriating the funds, pulling down rupee value to an all time low of 50.50 per U.S. dollar on Thursday.
At 9:01 am, the partially convertible rupee was at 50.45/47 per dollar. Its previous record low was 50.29, which was hit in late October.
On Wednesday the Indian rupee closed at 50.02/03 against the greenback after losing 35 paise on relentless capital outflows, sustained demand for U.S. dollar and weak equity markets.
On 24 October this year, the domestic unit had first breached the psychologically crucial 50-level nearly. The rupee which has been on losing spree for the past two days has fallen by a 101 paise or 2.06 percent.
Since January this year, the total loss is a mind-boggling Rs 10.61, or 26.92 per cent. Last year, rupee had closed at 39.41/4 on 31st December, riding on strong capital inflows - the key driver of the local currency.